CBPE X closes on £561m hard-cap

Katharine Hidalgo
23 November 2020

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CBPE has held a final close for its 10th-generation fund on its hard-cap of ТЃ561m.

Launched in December 2020, CBPE X held a first close on £465m in March 2020. This final close is dry, with no investments yet made.

Sean Dinnen, managing partner of CBPE, said of the fundraise: "The fundraising took slightly longer than anticipated as a result of the coronavirus crisis and the impact this had on some investors, but it was overall a smooth process with a high degree of support from existing and new investors."

The fund's predecessor has made 11 investments to date. The firm closed its ninth-generation fund on £459m in August 2016 and has realised two assets to date: CBPE IX sold caravan manufacturer ABI Holiday Homes to a consortium of its management team and Pricoa Private Capital for a 3x return in February 2020; and eye healthcare service SpaMedica was sold to Nordic Capital-backed Ober Scharrer for a 6.6x return, according to a source close to the situation at the time of the sale.

Rede Partners acted as global placement adviser and Macfarlanes acted as legal adviser for the fundraise.

Investors
CBPE received strong support from existing investors, with three quarters of commitments coming from returning investors, according to a statement. The balance of the capital came from a select number of new, international investors. The investor base, which is entirely institutional, includes public and private pension funds, funds-of-funds, insurance companies, endowments and foundations.

CBPE IX closed with 20 LPs and it is understood CBPE X would have a similar number of investors. The predecessor fund's largest commitment was LGT with £82m; Unquote understands the investor has committed a similar ticket to this fund. Perennial investors in CBPE funds include Pantheon Ventures, according to Unquote Data.

Other investors in the fund include Allianz Capital Partners, Alpinvest Partners, Cambridge University Endowment Fund and Nordea Bank.

Dinnen said: "We had no need to target investors outside of our core European and North American base, and 100% of the capital is from investors in these geographies."

Investments
CBPE targets investments in UK-headquartered businesses with enterprise values of £25-150m, focusing on primary buyout and development capital investments in specific sub-sectors. CBPE's investments tend to be in the range of £20-60m.

The fund's investment period is expected to commence at the start of 2021.

People
CBPE – Sean Dinnen (managing partner); Eleanor Mountain (partner, head, investor relations).